Vang Company has the following post-closing balance on December 31, (Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019: (Click the icon to view the budgeting information.) Requirement 2. Prepare Vang Company's budgeted balance sheet as of March 31, 2019. Vang Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity st quarter of 2019: Data table Vang Company Post-Closing Trial Balance December 31, 2018 A Additional information: a. Direct materials pur b. Direct labor, manufa C. Accounts payable a - X Account Debit Credit Cash $ 18,000 Accounts Receivable 25,400 Raw Materials Inventory 7,000 Finished Goods Inventory 26,000 Equipment 120,000 Accumulated Depreciation $ 60,000 Accounts Payable 15,200 Common Stock 110,000 11,200 Retained Earnings S 196,400 $ 196,400 Totals Print Done Data table Budgeted total sales, all on account 308,500 Budgeted direct materials to be purchased and used 38,000 Budgeted direct labor cost 10,000 Budgeted manufacturing overhead costs Variable manufacturing overhead 2,200 Depreciation 1,000 Insurance and property taxes 1,400 Budgeted cost of goods sold 71,500 Budgeted selling and administrative expenses: Salaries expense 13,000 Rent expense 3,000 Insurance expense 1,500 Depreciation expense 300 Supplies expense 9.255 Budgeted cash receipts from customers 264,000 Budgeted income tax expense 49,000 Budgeted purchase and payment for capital expenditures (additional equipment) 42,000 Print Done - X